Market News | Daily Main Token Trends Overview

The article is reprinted from the daily market overview of W-Strategy who is a guest streamer of Gate.io, a senior strategy analyst of cryptocurrency, and the founder of Wcollege. The article will analyze daily main token trends, short-term strategies, and long-term strategies for you in 3 minutes.

*The article is the original content of W-Strategy. Gate.io is only for reprint and distribution, and the copyright belongs to the author himself.

BTC

Summary: The market is currently oscillating within a range, unable to break above $30,480 USD or below $29,500 USD. As it remains uncertain at these higher levels, a high-sell, low-buy strategy can be employed to position oneself for potential gains. Breaking above could indicate a further rise to $36,000 USD and eventually $40,500 USD, while a drop below $24,000 USD may signal the end of this year’s rebound.

MC

Summary: Yesterday’s suggested entry points were between $0.2050 USD and $0.2087 USD, with the target at $0.2726 USD. The highest achieved was $0.2736 USD, resulting in a profit of 32.92%. Consider holding at the neckline level of $0.2087 USD.

FIL

Summary: Bitmain’s launch of Filecoin mining machines led to a convergence on the hourly chart, securing $4.65 USD. There is a chance for further gains to $4.8285 USD and even $5 USD. Employ a risk-reward strategy for lower entry points, and maintain positions if the support holds.

OPIUM

Summary: Having reached an all-time high of $28.58 USD, the current value is down 99.70%. A historical investment of $1000 USD would now be worth only $1.3 USD, signifying potential high returns for those investing $1000 USD at the moment, possibly up to 36945% or nearly 370 times. Suitable for high-risk investors to keep an eye on.

ARKM

Summary: A significant rebound opportunity is approaching. Utilize the Fibonacci sequence, considering 0 as the starting point for the rally and 1 as the short-term target. Identified support levels are $0.6245 USD, $0.5920 USD, and $0.5608 USD. For current positions, potential upward targets are $0.6212 USD, $0.65 USD, and $0.6906 USD.

BAT

Summary: A mean reversion is taking place, and the trend is expected to last until the end of July or the beginning of next month. Employ a risk-reward strategy for lower positions. The upward targets are $0.2145 USD, $0.2221 USD, $0.2307 USD, $0.2435 USD, and the peak at $0.2597 USD.

GT

Summary: The daily support recently touched $4.1888 USD, indicating a possible head and shoulders pattern in the short term. The mid-term resistance level is at $3.6040 USD, while the ultimate resistance is still holding at $28.56 USD, with further targets at $39.15 USD and $45.05 USD.

ETH

Summary: The overall structure is maintaining a retracement within the ascending trend, with crucial support at $1,857 USD. A drop below this level could lead to a significant downturn, while breaking above the key resistance at $2,036 USD might signal a bullish trend. The mid-term target is set at $2,358 USD upon surpassing $2,036 USD, indicating a turning point.

BNB

Summary: The market is retracing within a converging upward trend, challenging the neckline level at $246.10 USD. Short-term trend appears bullish, but monitor if it breaks below the converging support. The first rebound target at $260.10 USD has already been achieved, with further upward targets at $267.5 USD and $285.3 USD.

COMP

Summary: A four-hour “W” bottom pattern has formed, with the first resistance at $77.84 USD. A clear breakthrough could lead to further gains at $81.77 USD, $85.70 USD, $91.29 USD, and eventually the peak at $98.41 USD.

BCH

Summary: The four-hour chart continues to ride along the descending trendline, with short-term resistance at $256.20 USD. Failure to break above could indicate a bearish signal, and a risk-reward strategy for short positions can be employed. The maximum resistance level stands at $210.83 USD.

XRP

Summary: The four-hour chart encountered resistance at $0.8639 USD. Watch closely for a potential break above the previous high of $0.9380 USD, which may lead to further targets at $1.0105 USD, $1.3705 USD, and $1.9755 USD. Pay attention to whether the crucial resistance at $0.8639 USD is surpassed.

ID

Summary: The four-hour chart continues to ride along the descending trendline, with attention on whether it rebounds at $0.3105 USD resistance. Utilize a risk-reward strategy and consider exiting if it drops below the support level at $0.2460 USD. The medium-term targets are $0.3618 USD, $0.4404 USD, and $0.5250 USD.

LTC

Summary: Continue to observe whether it reclaims $93.39 USD. The short-term market is currently uncertain. The upward target is set at $104.02 USD, and a sustained hold could lead to further challenges at $126.26 USD, with resistance at $128.15 USD.

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